July 6 (Reuters) - Three major securities brokerages must collectively reimburse customers more than $30 million for failing to waive mutual fund sales charges for thousands of accounts belonging to charities and retirement investors, Wall Street's watchdog said on Monday.
Units of Wells Fargo & Co, Raymond James Financial Inc and LPL Financial Holdings Inc "failed to adequately supervise" the sale of mutual funds that offered sales charge waivers, the Financial Industry Regulatory Authority (FINRA) said in a statement.
The firms, in settling the cases with FINRA, neither admitted nor denied the industry-funded regulator's allegations, FINRA said.
A Wells Fargo spokesman declined to comment. Raymond James and LPL said in statements that they self-reported the problem to FINRA, which did not impose fines, given the firms "extraordinary cooperation."
The errors affected a total of more than 50,000 accounts at the firms, FINRA said. (Reporting by Suzanne Barlyn; Editing by Bernadette Baum)